Anglo American to purchase ExxonMobil's Chilean mining assets

By OGJ editorsHOUSTON, May 8 -- ExxonMobil Corp. said it will divest its affiliated companies that hold all of the company's interests in its copper mining business unit Cia. Minera Disputada de las Condes Ltda. to Anglo American PLC for $1.3 billion. Anglo American will also pay future contingent payments in the event of higher future copper prices, ExxonMobil said.

The assets include Los Bronces and El Soldado copper mines and the Chagres smelter, all in central Chile.

Last August, ExxonMobil said it would provide information to companies that had expressed interest in acquiring Disputada.

A definitive sale and purchase agreement should be signed by the firms within a month, ExxonMobil said, and the transaction is expected to be completed by June 30.